UOB scores a world first by launching instant digital card issuance

Instant digital credit card issuance

UOB cardmembers
will be the first in the world to enjoy instant digital credit card issuance
through their smartphones. Existing UOB credit cardholders will be able to
apply for, receive and use the most popular1 UOB credit cards through the UOB
Mighty app by the end of October. This will enable them to take advantage of
promotions specific to the credit card on the spot, or obtain a new card if
they have misplaced it.

“Consumers today want hassle-free modes of payment
anywhere, anytime. We’ve all been in a situation where we are at a supermarket
or restaurant offering promotions for a credit card we don’t hold and wish we
had that card right then. With instant digital card issuance, UOB cardmembers
can apply for and receive a digital credit card in minutes and use it
immediately to enjoy its benefits,” said Mr Dennis Khoo, Head of Personal
Financial Services Singapore, UOB.

Near Field Communication contactless ATMs

By
the end of this month, UOB will roll out Southeast Asia’s first Near Field
Communication (NFC) contactless Automated Teller Machine (ATM). This ATM will
enable the Bank’s customers to withdraw cash simply with the tap of their
smartphones. Customers with MasterCard credit and debit cards on Apple Pay will
be the first to enjoy this service. By January 2017, at least 60 such ATMs will
be in operation and by December 2018, all its current ATMs2 will be replaced
and new machines will be enabled with NFC contactless capabilities.

Android
phone users will be able to start tapping on these contactless ATMs using the
UOB Mighty Pay app by January 2017. This will be available to UOB MasterCard
cardmembers first and subsequently to UOB Visa cardmembers. The first wave of
UOB Contactless ATMs will be rolled out to high-traffic locations, such as
Raffles Place, and selected UOB branches. Customers will be able to locate
these contactless ATMs through the UOB Mighty App.

Mr Khoo said that the
introduction of instant digital credit card issuance and contactless ATMs marks
a significant step in UOB’s journey as a leader in contactless banking
solutions.

“Banks must continue to be responsive to customers’ changing needs
and preferences by embracing innovation and harnessing technology to empower
customers to bank even more conveniently. Consumers are becoming increasingly
attached to their smartphones, which have become an integral lifestyle device.
We have seen monthly mobile contactless payments made on UOB cards grow by more
than 20 times since the launch of UOB Mighty last November. This is why we are
offering customers the option of using contactless technology to withdraw cash
at ATMs.”

UOB’s contactless journey began in 2007, when the Bank introduced
Singapore’s first contactless card, the UOB One Card. In 2015, UOB again led
the industry in contactless payments technology when it launched UOB Mighty,
Singapore’s first mobile banking app with contactless payment capabilities.

To
encourage mobile contactless adoption and acceptance, the Bank continues to
grow the number of acceptance points, from groceries at Dairy Farm Singapore
Group’s3 more than 260 outlets islandwide, to transit4 and petrol. UOB has also
lifted the $100-limit for all mobile contactless payments made at its
point-of-sale terminals. To date, the Bank has added 4000 new contactless
terminals and will enable a further 6000 terminals by the end of the year.

UOB
expects that mobile contactless payments will account for one in five
transactions made on all UOB credit and debit cards by 2020.

1 These include the UOB One Card, UOB Delight Credit Card, UOB YOLO and UOB PRVI Miles World MasterCard.

2 As at 30 June 2016, UOB has 634 ATMs islandwide.

3 The banner stores under the Dairy Farm Singapore Group are Cold Storage, Marketplace, Jasons, Giant and Guardian.

4 http://www.uobgroup.com.sg/assets/pdfs/new-release/NR_UOB_TL_Collaboration.pdf